(a) All vehicle protection product warrantors shall keep accurate accounts, books, and records concerning transactions regulated under this chapter.

Terms Used In Tennessee Code 56-55-110

  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-55-102
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Vehicle protection product: includes , but is not limited to, alarm systems, body part marking products, steering locks, window etch products, pedal and ignition locks, fuel and ignition kill switches, and electronic, radio, and satellite tracking devices. See Tennessee Code 56-55-102
  • warrantor: means a person who is contractually obligated to the warranty holder under the terms of the vehicle protection product warranty agreement. See Tennessee Code 56-55-102
  • warranty: means a written agreement by a warrantor that provides that, if the vehicle protection product fails to prevent loss or damage to a vehicle from a specific cause, then the warranty holder shall be paid specified incidental costs by the warrantor as a result of the failure of the vehicle protection product to perform pursuant to the terms of the warranty. See Tennessee Code 56-55-102
  • Warranty holder: means the person who purchases a vehicle protection product or who is a permitted transferee. See Tennessee Code 56-55-102
(b) A vehicle protection product warrantor‘s accounts, books, and records shall include:

(1) Copies of all vehicle protection product warranties;
(2) The name and address of each warranty holder; and
(3) The dates, amounts, and descriptions of all receipts, claims, and expenditures.
(c) A vehicle protection product warrantor shall retain all required accounts, books, and records pertaining to each warranty holder for at least two (2) years after the specified period of coverage has expired. A warrantor discontinuing business in this state shall maintain the records until it furnishes the commissioner satisfactory proof that it has discharged all obligations to warranty holders in this state.
(d) Vehicle protection product warrantors shall make all accounts, books, and records concerning transactions regulated under this chapter available to the commissioner for the purpose of examination.
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